1. A. The employer of any member of the Teachers' Retirement System of Oklahoma shall make the following contributions to the System:

   1. 1. Beginning July 1, 1998, through June 30, 1999, eleven and one-half percent (111/2%) of the regular annual compensation of the member not in excess of any applicable maximum compensation level of the member;
   2. 2. Beginning July 1, 1999, through June 30, 2000, four and eight-tenths percent (4.8%) of the regular annual compensation of the member not in excess of any applicable maximum compensation level of the member;
   3. 3. Beginning July 1, 2000, through June 30, 2001, five and eight-tenths percent (5.8%) of the regular annual compensation of the member not in excess of any applicable maximum compensation level of the member;
   4. 4. Beginning July 1, 2001, through June 30, 2002, six and eight-tenths percent (6.8%) of the regular annual compensation of the member not in excess of any applicable maximum compensation level of the member; and
   5. 5. Beginning July 1, 2002, through June 30, 2003, and for each fiscal year thereafter, seven and five-hundredths percent (7.05%) of the regular annual compensation of the member not in excess of any applicable maximum compensation level of the member.
2. B. For entities or institutions within The Oklahoma State System of Higher Education, the contributions to the retirement system specified in subsection A of this section shall be made on regular annual compensation of a member who is an employee of such entity or institution not to exceed the maximum compensation level in effect for the member as prescribed by law.
3. C. Employers paying contributions to the Retirement System pursuant to subsection A or B of this section shall receive credit for that portion of the gross production tax on natural gas and/or casinghead gas apportioned to the Retirement System pursuant to subsection 2 of Section 1004 of Title 68 of the Oklahoma Statutes in meeting the total required employer contribution. On an annual basis, the Board of Trustees shall estimate the net additional cost required to be paid by the contributing employers in order to meet the total employer contribution as provided in subsection A or B of this section. The Board of Trustees shall approve the amount of the additional contribution required to be paid by contributing employers as a percentage of total member salaries and fringe benefits for each fiscal year ending June 30, no later than April 1 of the previous fiscal year. In no event shall the additional contribution required to be paid by the contributing employer under this subsection be less than the contribution required under this subsection in the prior year. In the event actual contributions do not equal the required total contribution as provided in subsection A or B of this section, the net difference between the actual contributions and the required total contributions shall be determined and shall be included in the amount of the additional contribution required to be paid by contributing employers for the next fiscal year. All contributing employers shall pay the same percentage of total member salaries and fringe benefits during each fiscal year. The provisions of this subsection shall terminate June 30, 1999.
4. D. Any school district, state college or university, State Board of Education, State Board of Vocational Education, or other state agency may, for and on behalf of any member of the Teachers' Retirement System, pay all or any portion of the contribution required by Section 17-108 of this title. Provided, the contribution so paid by any school district, state college or university, State Board of Education, State Board of Vocational Education, or other state agency shall be and remain subject to the withdrawal provisions set forth under the Teachers' Retirement System. Wherever the term "contribution" is used, it shall be deemed to include contributions paid for and on behalf of a member by a school district, state college or university, State Board of Education, State Board of Vocational Education, or other state agency.

Laws 1976, HB 1813, c. 252, § 3, emerg. eff. July 1, 1976; Amended by Laws 1978, HB 1708, c. 238, § 7, emerg. eff. July 1, 1978; Amended by Laws 1988, HB 1731, c. 165, § 25, emerg. eff. July 1, 1988; Amended by Laws 1990, SB 810, c. 340, § 28, emerg. eff. July 1, 1990; Amended by Laws 1992, SB 568, c. 376, § 9, emerg. eff. July 1, 1992; Amended by Laws 1994, SB 615, c. 351, § 7, emerg. eff. July 1, 1994; Amended by Laws 1995, SB 527, c. 333, § 1, emerg. eff. July 1, 1995; Amended by Laws 1996, SB 832, c. 359, § 2, emerg. eff. July 1, 1996; Amended by Laws 1998, SB 1037, c. 317, § 6, eff. July 1, 1998 (superseded document available).